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Question 4 CVC Inc. has been offered a $3,000,000 machine under a 15 year loan agreement. The loan requires to make equal, semi-annual payments that

Question 4 CVC Inc. has been offered a $3,000,000 machine under a 15 year loan agreement. The loan requires to make equal, semi-annual payments that include both principal and interest on the outstanding balance. The interest rate on the loan is 9%. Calculate the amount of these semi-annual payments.

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